A Future For Business Education
Small businesses have to constantly be concerned about finances. But sometimes, spending a little money can be beneficial. Don’t hold onto your pennies so tightly that you stifle chances for growth, especially when it comes to things like cutting employee hours or pay to the bare minimum. Similarly, you should always value the time of those around you, including clients, vendors, partners, and employees. If you schedule a meeting or event for a specific time, honor your commitments.
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It remained unclear whether Laura Ashley was a brand, a manufacturer, a retailer, or an integrated fashion company. Nor did the plans refresh the company’s traditional values to bring them in line with the marketplace. Afflicted with active inertia, Laura Ashley went through seven CEOs in a decade, but the company’s decline continued. American televangelist Pat Robertson recently joined the board as an outside director, leading one financial journal to conclude that the company sought divine inspiration for its earthly problems. Bringing the book back in, developing our own theories and methods can help end this dependence on fields such as economics that are increasingly becoming irrelevant yet paradoxically the dominant source of theory. Business education and business schools need to be re-imagined, adapted to and help shape the future.
Here I wish to focus on some aspects that can benefit from more attention. These relate to the student experience, the role of business in the global financial crisis, the 4th industrial revolution and the rise of big tech. Today business education is a multi-billion-euro sector. But it is also looking rather tired and ill-adapted to today’s realities. MBA numbers are declining in many countries and the cost-benefit calculus of business degrees is under question.
As the formula succeeds, customers multiply, talented workers flock to apply, investors bid up the stock, and competitors respond with the sincerest form of flattery—imitation. All this positive feedback reinforces managers’ confidence that they have found the one best way, and it emboldens them to focus their energies on refining and extending their winning system. Firestone’s long-standing success gave the company a strong, unified sense of its strategies and values, its relationships with customers and employees, and its operating and investment processes. The company had, in short, a clear formula for success, which had served it well since the turn of the century.
From my observations, those organisations which spend a lot of time on vision and mission usually have no actual strategy. Our strategy is to grow the market through an aggressive marketing and sales campaign and to dominate the new market we create? On page five of a corporate plan, followed on page ten with no increase in advertising costs, marketing costs or sales costs and no other plan to increase productivity of sales either.